Shared Flashcard Set

Details

Objective 4.01 Vocabulary
N/A
31
Business
10th Grade
03/19/2012

Additional Business Flashcards

 


 

Cards

Term
Accord and Satisfaction
Definition
Substitute one contract for another
Term
Actual Damages
Definition
directly attributed to injury
Term
Assignment
Definition
transfers rights
Term
Bilateral
Definition
contains two promises
Term
Breach of Contract
Definition
one party fails to fulfill contract
Term
Complete Performance
Definition
parties fulfill all parts of a contract
Term
Contract
Definition
any agreement enforceable by law
Term
Damages
Definition
payment recovered for injury
Term
Delegation
Definition
transfer of a duty
Term
Discharged
Definition
contract comes to an end
Term
Express
Definition
stated in words (oral or written)
Term
Impossibility of Performance
Definition
something prevents the performance
Term
Implied
Definition
comes about by actions with no words
Term
Incidental Damages
Definition
reasonable expenses resulting from a breach
Term
Injunction
Definition
prevent a party from performing an act
Term
Liquidated Damages
Definition
Agreed upon prior to contract
Term
Mitigation of Damages
Definition
minimizing potential damages
Term
Mutual Release
Definition
two parties agree to end contract
Term
Nominal Damages
Definition
prove legal injury but no damages
Term
Novation
Definition
original party is replaced
Term
Performance
Definition
parties fulfill terms of the contract
Term
Privity of Contract
Definition
relationship between parties
Term
Punitive Damages
Definition
punish above and beyond actual injuries
Term
Specific Performance
Definition
order contract to be fulfilled
Term
Statute of Limitations
Definition
time limit on legal action
Term
Substantial Performance
Definition
slightly less than complete performance
Term
Unenforceable
Definition
court will not uphold due to some rule of law
Term
Unilateral
Definition
contains one promise
Term
Valid
Definition
legally good
Term
Void
Definition
no legal effect
Term
Voidable
Definition
party is able to void contract
Supporting users have an ad free experience!